Mitsubishi Electric Corp. (MIELY.PK), a Japanese consumer electronics and machinery company, reported Friday a net loss for the second quarter, mainly due to equity losses at affiliated companies and other factors. The company also lowered its outlook for fiscal 2010, while it left the net loss forecast unchanged.
For the second quarter, net loss attributable to the company was 17.6 billion yen and pre-tax loss was 13.7 billion yen.
Net sales dropped 19% from the year-ago quarter to 830 billion yen, reflecting a decrease in all business segments.
Segment-wise, energy and electric systems division generated sales of 240.9 billion yen, a decline of 6%, compared to the same quarter a year earlier, negatively affected by lower sales experienced by building systems business, which was the outcome of global decreases in demand for elevators and escalators as well as postponements and cancellations of large projects. Sales from industrial automation systems plunged 30% to 176.7 billin yen, reflecting lower sales in factory automation systems business and automotive equipment business.
Information and communication systems recorded quarterly sales of 136.4 billion yen, a decline of 17%, in comparison with the preceding year, hurt by reduction in sales in telecommunications equipment business, information systems and services business and electronic systems business. Sales in electronic devices division fell 36% to 32.4 billion yen from the year-ago quarter, negatively affected by lower sales in semiconductor business and LCD module business.
Home appliances division reported sales of 220.4 billion yen, a decrease of 17% compared to last year. The company noted that lower sales of air conditioners both inside and outside Japan and photovoltaic systems outside Japan had a negative impact on the sales in the above division.
In the most recent quarter, operating income dipped 87% year-over-year to 8.3 billion yen.
For the first six months, Mitsubishi Electric reported net loss attributable to the company of 25.8 billion yen and pre-tax loss of 12.8 billion yen.
Net sales for the first-half decreased 19% to 1.53 trillion yen from the preceding year.
Looking ahead, the company revised guidance for fiscal 2010. The company still expects net loss attributable to the company of 20 billion yen.
Besides, Mitsubishi Electric lowered fiscal-2010 sales forecast to 3.43 trillion yen from 3.3 trillion yen expected earlier.
MIELY.PK closed trade on October 23 at $79.60.
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